September 2020 Webzine - Regulatory Chronicle of Eric de Gay de Nexon

It was already a year ago that I dedicated my column to the CMU, the Capital Markets Union, which has been close to the European Commission’s heart for a number of years.

Webzine September 2020 - Aziz Adda - Financial Regulatory Counsel for SGSS

ESMA recently published the French translation of its guidelines on liquidity stress testing for investment funds. Discover what they entail.

Community and International news

AllInternational and European news
Anti-money laundering: Introduction of new infringement procedures
On 2 July 2020, the European Commission sued Austria, Belgium and the Netherlands before the Court of Justice of the...
International and European news
On 2 July 2020, the European Commission sued Austria, Belgium and the Netherlands before the Court of Justice of the European Union, requesting financial penalties for failure to fully incorporate the 4th Anti-Money Laundering Directive into their national laws.
Anti-money laundering: Introduction of new infringement procedures
ESMA Guidance on the compliance function under MIFID II
On 5 June 2020, the European Securities and Markets Authority (ESMA), published the final guidelines on the MiFID II...
International and European news
On 5 June 2020, the European Securities and Markets Authority (ESMA), published the final guidelines on the MiFID II compliance function.
ESMA Guidance on the compliance function under MIFID II
ESMA final report on FRANDT commercial terms for clearing services
0n 2 June 2020, the European Securities and Markets Authority (ESMA), has published its final report with technical...
International and European news
0n 2 June 2020, the European Securities and Markets Authority (ESMA), has published its final report with technical advices to the European Commission on the “Fair, Reasonable, Non-Discriminatory and Transparent” (FRANDT) commercial terms for the provision of clearing services.
ESMA final report on FRANDT commercial terms for clearing services
Capital markets union: new rules for crowdfunding platforms
On 20 July 2020, the Council adopted new rules to improve the way crowdfunding platforms operate across the EU.
International and European news
On 20 July 2020, the Council adopted new rules to improve the way crowdfunding platforms operate across the EU.
Capital markets union: new rules for crowdfunding platforms
Postponement of entry into force of settlement discipline
On 8 May 2020, the European Commission issued a delegated regulation amending EU Delegated Regulation 2018/1229...
International and European news
On 8 May 2020, the European Commission issued a delegated regulation amending EU Delegated Regulation 2018/1229 regarding the effective date of the settlement discipline measures set out in the CSDR.
Postponement of entry into force of settlement discipline
Commission adopts new rules for EU Climate Benchmarks
On 17 July 2020, new rules have been adopted which set out minimum technical requirements for EU Climate Benchmarks, as...
International and European news
On 17 July 2020, new rules have been adopted which set out minimum technical requirements for EU Climate Benchmarks, as well as a number of Environmental, Social and Governance (ESG) disclosure requirements.
Commission adopts new rules for EU Climate Benchmarks
Financial stability: Statutory Replacement of LIBOR
On 24 July 2020, the European Commission proposed to amend the EU regulation on financial benchmarks.
International and European news
On 24 July 2020, the European Commission proposed to amend the EU regulation on financial benchmarks.
Financial stability: Statutory Replacement of LIBOR
Recommendation on liquidity risks in investment funds
On 15 June 2020, the European Union published the European Systemic Risk Board (ESRB) Recommendation of 6 May 2020 on...
International and European news
On 15 June 2020, the European Union published the European Systemic Risk Board (ESRB) Recommendation of 6 May 2020 on liquidity risks in investment funds.
Recommendation on liquidity risks in investment funds
Sustainable finance: New delegated acts for UCITS, AIFMD and MiFID II
On 8 June 2020, the European Commission published a set of draft delegated acts, including the following:
International and European news
On 8 June 2020, the European Commission published a set of draft delegated acts, including the following:
Sustainable finance: New delegated acts for UCITS, AIFMD and MiFID II

National news

AllNational news
FR - Current account advances by UCIs to distressed companies
On 18 June 2020, the French government released Order No. 2020-740 on allocation of current account advances to...
National news
On 18 June 2020, the French government released Order No. 2020-740 on allocation of current account advances to distressed companies by undertakings for collective investment in private equity and by venture capital companies.
FR - Current account advances by UCIs to distressed companies
FR - Publication of a guide on Specialised Financing Companies
On June 11, 2020, the Association Française de Gestion (AFG) published a practical guide on Specialized Financing...
National news
On June 11, 2020, the Association Française de Gestion (AFG) published a practical guide on Specialized Financing Companies (SFCs).
FR - Publication of a guide on Specialised Financing Companies
LU - Clarification of the third country concept for investment services in Luxembourg
On 1 July 2020, the Luxembourg Commission for Financial Sector Oversight (CSSF) released a new regulation and a new...
National news
On 1 July 2020, the Luxembourg Commission for Financial Sector Oversight (CSSF) released a new regulation and a new circular (CSSF Regulation No. 20-02 and CSSF Circular 20/743, respectively) aimed at clarifying the legal regime for third country undertakings intending to provide investment services in Luxembourg, pursuant to Article 32-1 of the 1993 Law on...
LU - Clarification of the third country concept for investment services in Luxembourg
IT - Post Reporting Obligations of Cost and Charges
On 7 May 2020, Consob publishes a recommendation on the reporting of ex post costs and charges connected with the...
National news
On 7 May 2020, Consob publishes a recommendation on the reporting of ex post costs and charges connected with the provision of investment and accessory services.
IT - Post Reporting Obligations of Cost and Charges
ES - CNMV position about foreign exchange contracts and similar derivatives
On 27 July 2020, the Spanish National Securities Market Commission (CNMV) is submitting a proposal for a Technical Guide...
National news
On 27 July 2020, the Spanish National Securities Market Commission (CNMV) is submitting a proposal for a Technical Guide to the public in relation to the provisions of Article 10(1)(b) of Delegated Regulation (EU) 2017/565 of 25 April, which completes Directive MIFID II, which establishes that derivative instruments related to foreign currencies that are means...
ES - CNMV position about foreign exchange contracts and similar derivatives
DE - Adjustments of the supervisory review process in Germany
On June 3, 2020, the German Federal Financial Supervisory Authority (BaFin) submitted drafts of the information sheets...
National news
On June 3, 2020, the German Federal Financial Supervisory Authority (BaFin) submitted drafts of the information sheets it had revised as well as various forms of the Ordinance on Notification for consultation in anticipation of a later amendment.
DE - Adjustments of the supervisory review process in Germany
NL - Netherlands publishes DNB Working method for viewing and copying digital data
On 22 June 2020, De Nederlandsche Bank (DNB) Working method for viewing and copying digital data was published in the...
National news
On 22 June 2020, De Nederlandsche Bank (DNB) Working method for viewing and copying digital data was published in the Official Journal. The supervisors appointed the DNB to supervise the compliance of the rules laid down in and pursuant to the Financial Supervision Act .To this end, pursuant to the General Administrative Law Act (Algemene wet bestuursrecht...
NL - Netherlands publishes DNB Working method for viewing and copying digital data
GB - FCA and European regulations
On 23 June 2020, the Financial Conduct Authority (FCA) informed on a Written Ministerial Statement which was presented...
National news
On 23 June 2020, the Financial Conduct Authority (FCA) informed on a Written Ministerial Statement which was presented to Parliament further confirming the UK approach to on-shoring the European Market Infrastructure Regulation (EMIR) and EMIR REFIT. The statement confirmed that the UK will create legislation to bring into UK law the remaining EMIR REFIT...
GB - FCA and European regulations
US - SEC Guidance about Proxy Voting
On 22 July 2020, the Securities and Exchange Commission voted to adopt amendments to its rules governing proxy...
National news
On 22 July 2020, the Securities and Exchange Commission voted to adopt amendments to its rules governing proxy solicitations designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions. The amendments aim to facilitate the ability...
US - SEC Guidance about Proxy Voting